Contract analysis

1. Zoning District Classification. The Project Site is located within the Hudson Yards Special District (the "Special District"), as established under Article IX, Chapter 3 of the New York City Zoning Resolution (the "ZR"). More specifically, the Project Site falls within Subdistrict A of the Special District, and carries an underlying zoning designation of C6-4. The Zoning Opinion confirms that this district classif

2. Floor Area Ratio (FAR). The maximum permitted floor area ratio for the Project Site under the applicable zoning regulations, including the special FAR provisions set forth in Section 93-22 of the ZR for properties within the Special District, is 18.0. The Zoning Opinion states that the Project, as currently designed and as reflected in the approved plans and drawings reviewed by Hargrove & Linden, P.C., has been d

3. Permitted Uses. The Project's proposed uses — which include commercial office space (Use Group 6B), ground-floor and below-grade retail space (Use Groups 6A and 6C), residential rental units (Use Group 2), transit infrastructure improvements and related public access areas, and accessory parking — are each permitted as-of-right or by special permit within the C6-4 zoning district and under the regulations applicab

4. ULURP Approvals. The Project required certain land use approvals through the Uniform Land Use Review Procedure ("ULURP") pursuant to Sections 197-c and 197-d of the New York City Charter. The applicable ULURP application (Application No. C 230415 ZSM), which encompassed a special permit pursuant to Section 93-565 of the ZR for the transit infrastructure components and certain modifications to bulk regulations, rec

5. Bulk, Height, and Dimensional Compliance. The Project, as designed and as set forth in the approved plans and drawings reviewed by Hargrove & Linden, P.C. (which plans and drawings are identified in Exhibit A to the Zoning Opinion), complies in all material respects with all applicable bulk, height, setback, lot coverage, use group, accessory use, signage, and parking regulations under the ZR, including but not li

6. Ground Lease Consistency. The ground lease (the "Ground Lease") entered into between the New York City Economic Development Corporation ("NYCEDC") and MTDC, dated as of June 1, 2020 and recorded in the Office of the City Register, New York County, at City Register File Number ("CRFN") 2020000198762, as reflected in records maintained in the Automated City Register Information System ("ACRIS"), does not impose use